Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Fund Europe Synergy Europe equities

Europe equities
Change in NAV (17/11/2017)
197.88 EUR
Philippe  LECOQ–LU1102947949–
Philippe LECOQ
Olivier HUET–LU1102947949–
Olivier HUET
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
Recommended holding period
> 5 years
197.88 EUR
Change in NAV (17/11/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/11/2017)
197.88 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Philippe LECOQ  
Olivier HUET  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The sub-fund aims to generate consistent outperformance over a complete business cycle through a selection of stocks potentially targeted in takeover deals, which are favoured by periods of growth, and restructuring stocks, which are at an advantage in periods of market decline. The added value lies in the fund manager's know-how in picking European stocks that are likely to be targeted in major events.

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Commentary 31/10/2017

Equity markets closed October with yet another rise, reassured by the buoyant environment: The ECB has extended its asset repurchasing programme until September 2018, while reducing its amount from €60 billion to €30 billion, from January onward. At the macroeconomic level, the euro zone once again distinguished itself by positive figures both at the composite PMI level in September and the manufacturing PMI in October, reflecting the economic momentum. It should be noted that following Catalonia's declaration of independence by the regional parliament, the region was put under Madrid's supervision, with early elections scheduled for December 21. Driven by organic growth, the Q3 results reflect the acceleration in the cycle, with operational leverage varying from one sector to another: This was strong for industrial cyclicals, tech stocks and luxury, but undermined by rising energy and material costs in the construction sector; and less visible in banking (with the low risk cost already priced-in, and no early prospect of significant rate hikes). In the M&A market, after announcing its acquisition of Siemens Convergence Creators (CVC), Atos announced that it was acquiring three healthcare consulting companies in the United States. Bayer will divest some of its activities to BASF in order to facilitate its offer for Monsanto. Airbus has announced a partnership with Bombardier to acquire a majority stake in the C-Series airliner programme, without cash, and Prysmian's offer for General Cable comes in line with the consolidation of the cable industry in Europe. During the month we strengthened the position on Unicredit given the fact that the Italian economy is finally enjoying an upturn. The launch of ECB monetary policy normalisation should benefit the banks. Meanwhile, we have reduced our positions on Philips Electronic, Akzo Nobel, Wartsila Corporation, Aéroports de Paris and Rémy Cointreau.

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Change in NAV

Chart – Base 100 (17/11/2017)
Avertissement
You are about to download the historical data for a portfolio. Please note that past performance is not an indication of future performance and it may vary over time. They may be affected, for example, by changes in exchange rates

Performance K-EUR Cumulative Annualised
Since 01/01/2017

6.05 %

8.57 %

6.05 %

8.57 %

1 Year

15.01 %

15.49 %

15.01 %

15.49 %

3 Year

23.87 %

22.34 %

7.39 %

6.95 %

5 year

60.75 %

63.99 %

9.95 %

10.39 %

Since inception

97.88 %

71.78 %

9.15 %

7.19 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (K-EUR)

Benchmark

6.05 %

8.57 %

15.01 %

15.49 %

23.87 %

22.34 %

60.75 %

63.99 %

97.88 %

71.78 %

Annualised

Share class (K-EUR)

Benchmark

15.01 %

15.49 %

7.39 %

6.95 %

9.95 %

10.39 %

9.15 %

7.19 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*9.27 %8.87 %4.40 %0.88 %0.21 %2.69 %
3 Year *12.65 %13.10 %3.74 %0.96 %0.27 %0.63 %
Max. drawdownAlphaBeta
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*-7.85 %0.05 %0.92 %
3 Year *-22.56 %0.13 %0.92 %
Max. monthly gain Since inception8.88 %
Max. monthly loss Since inception-15.51 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.27 % 12.65 % 8.87 % 13.10 %
Tracking Error 4.40 % 3.74 %
Sharpe ratio 2.69 % 0.63 %
Alpha 0.05 % 0.13 %
Correlation coefficient 0.88 % 0.96 %
Information ratio 0.21 % 0.27 %
Max. monthly loss -15.51 %
Max. monthly gain 8.88 %
Max. drawdown -7.85 % -22.56 %
Beta 0.92 % 0.92 %

Fund information

Inception Date (Fund)
05/12/2006
Inception Date (Part)
03/02/2010
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1102947949
AuM (fund)
767 M (EUR)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,850 %
Current management fee
0.850 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

Fund documentation

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(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.

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